đBinance.US, the American arm of the crypto giant, has had its money transmitter license revoked by North Dakota's financial regulator, making it the 7th state to do so. The reason? Alleged failure to comply with state money transmitter laws.
đ The revocation order cited Binance and its founder Changpeng Zhao's federal conviction in November for conspiracy to operate an unlicensed money-transmitting business and failure to maintain an effective anti-money laundering program.
đBinance.US has until July 17, 2024, to request a reversal of the order. If no request is made, the order will become effective.
đ„Similar actions have been taken by Alaska, Florida, Maine, North Carolina, and Oregon in recent months. Binance.US has also not received licenses in New York, Texas, Vermont, and Hawaii.
đ„Despite the setbacks, we remain optimistic about the future of DeFi, Web 3, and technology. What's your take on this? Let's chat in the comments! #DeFi #Web3 #CryptoNews